This release contains sensitive economic data not to be released
before 8:30 a.m. Friday, July 17, 1998
CB-98-120 Press Copy
FT-900 (98-05)
For information on goods contact: Bureau of the Census:
Haydn R. Mearkle (301) 457-2246
Richard M. Preuss (301) 457-2311
For information on services contact: Bureau of Economic Analysis:
Technical: Christopher Bach (202) 606-9545
Media: Larry Moran (202) 606-2649
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES May 1998
Goods and Services
The Bureau of the Census and the Bureau of Economic Analysis,
through the Department of Commerce, announced today that total May
exports of $76.2 billion and imports of $92.0 billion resulted in a
goods and services deficit of $15.7 billion, $1.5 billion more than
the $14.3 billion in April, revised. May exports were $1.0 billion
less than April exports of $77.2 billion. May imports were $0.5 billion
more than April imports of $91.5 billion.
In May, the goods deficit increased $1.5 billion from April to
$22.8 billion, and the services surplus was virtually unchanged at $7.1
billion. Exports of goods decreased to $54.4 billion from $55.3 billion,
and imports of goods increased to $77.2 billion from $76.7 billion.
Exports and imports of services were virtually unchanged at $21.9 billion
and $14.8 billion, respectively.
Goods
The April to May change in exports of goods reflected decreases in
automotive vehicles, parts, and engines of $0.5 billion (primarily trucks);
other goods ($0.2 billion); foods, feeds, and beverages ($0.1 billion);
capital goods ($0.1 billion); and consumer goods ($0.1 billion). An
increase occurred in industrial supplies and materials of $0.1 billion.
The April to May change in imports of goods reflected increases in
capital goods $0.8 billion (primarily computer accessories and civilian
aircraft); automotive vehicles, parts, and engines ($0.4 billion); and
industrial supplies and materials ($0.1 billion). Decreases occurred in
consumer goods ($0.4 billion); and other goods ($0.3 billion). Foods,
feeds, and beverages were virtually unchanged.
Note: Total goods are reported on a balance of payments basis; commodity
and country detail for goods are on a Census basis. Definitions
are explained in the notes starting on page 26 of this release.
Services
Services exports and imports in May were virtually the same as in
April. For both exports and imports small decreases in some categories
were largely offset by small increases in others.
Goods and Services Moving Average
For the three months ending in May, exports of goods and services
averaged $77.5 billion, while imports of goods and services averaged
$91.9 billion, resulting in an average trade deficit of $14.4 billion.
For the three months ending in April, the average trade deficit was
$13.1 billion, reflecting average exports of $78.0 billion and average
imports of $91.1 billion.
Selected Not Seasonally Adjusted Goods Details
The May figures showed surpluses, in billions of dollars, with
Australia $0.5 (for April $0.5), Hong Kong $0.4 ($0.3), Brazil $0.4 ($0.4),
Argentina $0.3 ($0.3), and Egypt $0.1 ($0.2). Deficits were recorded, in
billions of dollars, with Japan -$5.0 (-$5.4), China -$4.6 (-$4.3),
Western Europe -$1.7 (-$3.2), Mexico -$1.5 ($-1.3), Canada -$1.5 (-$1.1),
Taiwan -$1.2 (-$1.1), OPEC -$1.1 (-$1.2), Korea -$0.6 (-$0.5), and
Singapore -$0.3 (-$0.4).
Advanced technology products (ATP) exports were $14.6 billion in
May and imports were $12.3 billion, resulting in a surplus of $2.3 billion.
May exports were $0.2 billion more than the $14.4 billion in April, while
imports were virtually unchanged.
Revisions
Carry-over in May was $0.4 billion (0.7 percent) for exports and $0.7
billion (0.9 percent) for imports. For April, revised export carry-over
was $0.1 billion (0.2 percent), revised down from $0.6 billion (1.1 percent).
For April, revised import carry-over was $0.1 billion (0.1 percent), revised
down from $0.8 billion (1.1 percent).
Seasonally Adjusted
Exhibit 1 International Trade in Goods and Services 4
Exhibit 2 Goods and Services Centered Three - Month Moving Averages 5
Exhibit 3 U.S. Services by Major Category--Exports 6
Exhibit 4 U.S. Services by Major Category--Imports 7
Exhibit 5 U.S. Trade in Goods 8
Exhibit 6 Exports and Imports of Goods by Principal End-Use Category 9
Exhibit 7 Exports of Goods by End-Use Category and Commodity 10
Exhibit 8 Imports of Goods by End-Use Category and Commodity 12
Exhibit 9 Petroleum and Non-Petroleum End-Use Category Totals 14
Exhibit 10 Exports and Imports of Goods by Principal End-Use
Category (Constant Dollars) 15
Exhibit 11 Exports, Imports, and Balance of Goods, Petroleum and Non-
Petroleum End-Use Commodity Category Totals
(Constant Dollars) 16
Not Seasonally Adjusted
Exhibit 12 U.S. Trade in Goods 17
Exhibit 13 Exports and Imports of Goods by Principal End-Use Category 18
Exhibit 14 Exports, Imports, and Balance of Goods by Selected
Countries and Areas 19
Exhibit 15 Exports and Imports of Goods by Principal SITC
Commodity Groupings 21
Exhibit 16 Exports, Imports, and Balance of Advanced
Technology Products 23
Exhibit 17 Imports of Energy - Related Petroleum Products,
Including Crude Petroleum 24
Exhibit 18 Exports and Imports of Motor Vehicles and Parts By
Selected Countries 25
Information on Goods and Services 26
SOURCE: Report FT900 (CB-98-120), Bureau of the Census, Foreign Trade
Division, MAY 1998. For more information, contact Haydn R.
Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311),
Foreign Trade Division.